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Investors - News and Presentations

News Release

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Anadarko Participates in 99 High Bids in Alaska NPR-A Lease Sale; Anadarko Continues to Aggressively Expand Its Portfolio in Alaska

ANCHORAGE, Alaska, May 5 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE:APC) reported that it participated in apparent high bids on 99 blocks in the National Petroleum Reserve-Alaska (NPR-A) area offered at the federal lease sale held in Anchorage, Alaska, on Wednesday, May 5, 1999. Anadarko bid with ARCO Alaska, Inc. on 92 of the 99 apparent high bids. Anadarko bid alone on the remaining seven apparent high bids. Overall, Anadarko bid on a total of 125 blocks in the sale. Anadarko said its net exposure on the 99 high bids totaled approximately $16.5 million. The high bids are subject to approval by the Bureau of Land Management.

Together, the 99 blocks comprise a total of 628,405 gross acres. The NPR-A area is located on Alaska's North Slope.

Anadarko and its partnership with ARCO Alaska were the top bidders at the lease sale, exposing a combined total of $86.6 million at the lease sale. The Anadarko/ARCO Alaska partnership had the single top bid in the sale on Tract 51 at $3.655 million.

``Our participation in the NPR-A lease sale reflects Anadarko's strong commitment to Alaska, which is one of our core areas,'' said John N. Seitz, President and Chief Operating Officer. ``Since the early 1990s, we have aggressively expanded our oil and gas interests in Alaska. We consider Alaska to be among the most attractive areas in the world to add significant reserves. We are very excited to add these blocks in the NPR-A to our growing portfolio in Alaska.

``I also want to add that we are pleased the Department of the Interior decided to hold this lease sale. On behalf of Anadarko, I want to express our appreciation to Governor Knowles, his staff and the legislature for their hard work and efforts in making this important lease sale happen,'' Seitz said.

Of the 99 successful bids, Anadarko has a 22% working interest in 92 of the blocks. ARCO Alaska holds the remaining 78% interest in these 92 blocks.

Anadarko holds a 100% working interest in the remaining seven successful bids and will operate these blocks.

The NPR-A blocks are adjacent to the Colville River Unit where Anadarko and ARCO Alaska are developing the Alpine oil field. The size of the NPR-A blocks range from 5,760 acres (a quarter township) to 11,520 acres (a half township).

Prior to the NPR-A lease sale, Anadarko had interests in more than
676,000 gross acres in state, federal and fee lands in Alaska. In addition,
Anadarko has exploration access to another 2.2 million acres owned by the
Arctic Slope Regional Corporation in the Foothills on the North Slope. (See
below for additional details.)

On the North Slope, Anadarko has a 22% working interest in the Alpine oil field, which is scheduled to begin production in mid-2000. ARCO Alaska serves as operator of Alpine and holds the remaining 78% working interest. Anadarko and ARCO Alaska also jointly hold six offshore lease blocks in the Beaufort Sea west of the Alpine field.

In August 1998, Anadarko entered into an agreement with the Arctic Slope Regional Corporation (ASRC) that gives Anadarko exclusive access to more lands for exploration than any other oil company operating in the state. The agreement, which covers the Foothills region in the northern portion of the state, provides Anadarko with exploration rights to 2.2 million gross acres that ASRC currently owns and future rights to an additional 240,000 acres upon ASRC's selection and receipt of title.

Anadarko also has other interests in the North Slope and the Cook Inlet area.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurances, however, can be given that its goals will be achieved. See Additional Factors Affecting Business in the Management's Discussion and Analysis (MD&A) included in the Company's 1998 Annual Report on Form 10-K.